In 1974, he was admitted to Xiamen University, majoring in finance.

Li joined the Chinese Communist Party (CCP) in February 1975.

Beginning in September 1984, he served in several posts in the Industrial and Commercial Bank of China, including vice president of Fujian Branch, chief representative of the Industrial and Commercial Bank of China in Singapore, and general manager of International Business Department.

In September 2002, he was appointed vice governor of Hainan, but having held the position for almost two years.

In August 2004, he became president of the Bank of China, and served until January 2014.